BenchMatrix Private Limited and MCB Bank Limited signed an MoU for the implementation of Compliance Risk Management solution. Through this partnership, BenchMatrix – one of the fastest growing financial technology solutions and services companies in the MENAP region, aims at enabling MCB in streamlining adherence to regulations, minimising risks arising from non-compliance and enhancing operational efficiency with advanced technology.

Waqas Mahmood, Chief Compliance Officer at MCB, stated, “In a fast changing and stringent regulatory environment, it is of crucial importance for banks to keep up with those changes and ensure ongoing compliance. Our partnership with BenchMatrix in the past has resulted in us ensuring seamless banking operations at MCB nationwide & now, with the implementation of its innovative Compliance Risk Management solution, the goal is to adopt a systematic approach towards compliance risk management & mitigate compliance-associated risks more effectively.”

At the MoU signing ceremony, Nabeel Qadeer, Dy. Group CEO of BenchMatrix, was reported to have said, “BenchMatrix has always been at the forefront of introducing innovative technologies focused towards the needs of global financial sector, particularly in the MENAP region. Having a strong clientele of 100+ financial institutions in 16 countries spread across 5 regions (Middle East, North Africa, Asia, North America, and Europe), we offer a range of 17 enterprise technology solutions under the umbrellas of Anti-Money Laundering, Governance, Risk & Compliance, Loan Origination System, Digital Banking and Open Banking. The fact that we’ve done 150+ successful implementations worldwide gives us a unique edge in terms of knowledge base & industry expertise that we bring forth to propel the financial sector across continents.  

Our partnership with MCB in implementing Compliance Risk Management solution is yet another step towards strengthening the financial ecosystem of Pakistan. Currently being used by more than 60 clients across the globe, BenchMatrix’s CRM helps banks and other financial institutions stay compliant and up-to-date with latest international & local regulations. With features such as Regulatory Library for Monitoring Activities, Observations for Internal & External Audit Tracking, Self-Assessment Questionnaires, Correspondences, Dashboards & Reporting, our CRM is built upon cutting-edge technology. We look forward to an impactful partnership with MCB and advancing the banking industry of Pakistan together.”

On this occasion, Faisal Anwar, Chief Information Officer at MCB, mentioned, “We are excited about our partnership with BenchMatrix as this is a significant milestone towards transforming the way we operate. The banking industry around the world is evolving rapidly and MCB intends to stay ahead of the curve by adopting the latest technology solutions”.

MCB Bank Limited is one of the leading Pakistani multinational commercial banks. With a network of over 1600 branches and 1450 ATMs, the bank boasts a strong customer base of over 6 million users across the country.